Rate Drop

A lender that I work with just sent this info in an email to me yesterday.

Just an FYI – rates took a .250% drop on Friday so if you have anybody on the fence now is the time. A 30 year fixed with no points should come in right around 5.875% on loan amounts above $125,000.00. If you have any questions about anything else let me know. I will be available all week.

What does that look like in terms of a monthly payment?

$200,000 sale price

3% down

30 year fixed

5.875% interest rate

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$1147.58 would be the monthly principle and interest payment. Then add taxes and insurance which are different for every home.